It has also boosted investor engagement on how to improve resource efficiency of their businesses which has helped increase productivity, they state.

Previous estimates from the government suggest carbon reporting could contribute to saving four million tonnes of emissions by 2021.

A letter organised by the Aldersgate Group and signed by 17 firms adds: “These requirements provide standardised and comparable information to institutional investors who are increasingly demanding information on companies’ greenhouse gas emissions and financial risks relating to climate change to help guide their investment decisions.

“The government is currently reviewing the future of these regulations as part of its consultation on business energy efficiency policies. At a time where important international initiatives such as the Financial Stability Board’s climate-related financial disclosures taskforce are investigating the potential for greater levels of disclosure on climate related risks, it is critical that the UK retains its market-leading mandatory carbon reporting requirements in place.

“We urge the government to confirm on Budget Day that this will indeed be the case.”

A Treasury spokesperson told ELN it is not commenting on “what may or may not be announced”.